And The Spirit Aerosystems Bet Winner Is... Zero Hedge
Earlier today we bet against the Goldman Sachs - Fed complex, claiming that either Bank Of America or Goldman Sachs would end up being the underwriter for the Spirit Aerosystems $300 million bond offering. We were right.
Bank of America, Credit Suisse, Morgan Stanley, and Barclays were the joint bookrunning managers for the sale.
BORROWER: SPIRIT AEROSYSTEMS HOLDINGS INC*
AMT $300 MLN COUPON 7.50 PCT MATURITY 10/1/2017
TYPE SNR NOTES ISS PRICE 97.804 FIRST PAY 4/1/2010
MOODY'S B2 YIELD 7.875 PCT SETTLEMENT 9/30/2009
S&P DOUBLE-B SPREAD 471 BPS PAY FREQ SEMI-ANNUAL
FITCH N/A MORE THAN TREAS NON-CALLABLE 4 YEARS
* GUARANTEED ON A SENIOR UNSECURED BASIS BY ALL GUARANTORS
UNDER ITS SENIOR SECURED CREDIT FACILITY.
Somewhere, Ronald Epstein is sleeping soundly, knowing that his unquestionable ethics have allowed his bank to underwrite a bond issue for a company he upgraded contrary to his will, so that Bank of America can repay its own revolver using other people's money.
And somewhere else, foolish investors have marked these bonds at par.